Warning
Do not follow the records retention schedule to destroy records that are currently part of–or you are aware that they are going to be part of–any legal action or proceeding, litigation, audit, investigation, or review. For more information, see the Subpoenas for University Records Policy.
These records document a department or office’s expenditures and purchases. These records may include, but are not limited to, departmental purchase orders, requisitions (IDRs), expense transfers, credit card charge slips and statements (including P-Card transactions), bills, invoices, journal vouchers, justifications of purchases, payment authorizations, reports of receipt of goods or services, and receipts.
| Copy Type | Record Holder | Retention Period | Disposition |
|---|---|---|---|
| Official Copy | Finance Division | 7 years |
|
| Unofficial Copy | Departments and Offices | Purchase confirmed, see Notes for details P-Card records |
Notes
General Accounts Payable records
The Finance Division holds the official copy of A/P records, except for P-Card records (see below for notes about P-Card records). Departments and programs need to retain their copy of A/P records until they have reviewed and accepted the corresponding financial reports from the Finance Division (usually in PeopleSoft). Then confidentially destroy the records. Departments and offices may destroy these records immediately after accepting the financial reports or at the close of every fiscal year.
For general accounts payable records documenting purchases made on sponsored accounts, retain until the close of the grant, award segment, or contract then confidentially destroy the records.
P-Card records
Departments and programs hold the official copy of P-Card records. Retain P-Card records for 7 years, or until uploaded to PeopleSoft, then confidentially destroy the records. For P-Card records documenting purchases made on sponsored accounts, retain for the life of the grant, award segment, or contract + 7 years, or until uploaded to PeopleSoft, then confidentially destroy the records.
A/P records documenting the purchase of equipment or services
As needed, departments and programs may retain records for the life of the equipment or warranty, plus one additional year beyond the usual retention period, then confidentially destroy the records.
Official Copy of Accounts Payable records (excluding P-Card records)
The Finance Division manages a wide range of accounts payable records. The retention and disposition of accounts receivable records managed by the Finance Division are detailed in the Finance Division Records Policy.